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Compare Fixed Home Loans in Tukwila, WA

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Fixed-Rate Loans: What You Need to Know When Buying a Home in Tukwila, WA

When reading up on mortgages in Tukwila, you'll come across some terms you might not be familiar with. "Fixed-rate" could be one of those terms. As a company that's driven to keep the dream of homeownership alive, Mr. Cooper is on a mission to simplify every aspect of buying a house — including the words!

What exactly is a fixed-rate loan? "Fixed-rate" means the interest rate on your mortgage doesn't change. An interest rate is an amount a lender charges for giving you money, and it's expressed as a percentage. Home loan interest rates can go up and down in the same day, so a fixed-rate loan allows you to secure a stable rate. Fixed-rate loans often come with a 30-year term (length). Shorter timeframes are possible and generally come with bigger monthly payments but lower overall interest paid over the course of the loan's life. How similar is a fixed-rate loan to other Tukwila home loan options, like an adjustable-rate loan?

Should You Go the Fixed-Rate or Adjustable-Rate Route in Tukwila, WA

It's a good idea to learn about all of your loan options in Tukwila, including adjustable-rate loans. An adjustable-rate mortgage (ARM) is different from a fixed-rate mortgage in that the interest rate can go up or down based on national indexes. If you get an adjustable-rate loan, you can count on the rate to stay the same for a certain period of time (ex. 3, 5, or 10 years), then the rate will change at certain intervals. Your monthly payments could go up if the interest rate goes up at one of these intervals. Talk to a Mr. Cooper mortgage professional about the protections a fixed-rate loan can offer. We'll help you understand the factors that can go into choosing between a fixed-rate and adjustable-rate mortgage, like how long you plan on living in the house, how large of a mortgage payment you qualify for, and if you could still pay for an ARM if interest rates went up, and where interest rates are headed.

Mr. Cooper Knows the Fixed-Rate Home Loan Rates in Tukwila, WA

There's so much more to learn about fixed-rate and adjustable-rate loans! Contact Mr. Cooper to check fixed-rate mortgage rates in Tukwila, WA. Friendly folks are here to answer any questions you might have about the loan and homeownership process.

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